Broadstone Net Lease (NYSE: BNL) expands pipeline with $62.1M build-to-suit projects
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Broadstone Net Lease, Inc. announced two additional build-to-suit development projects with an aggregate estimated total project investment of approximately
The projects include a new sub-same-day industrial warehouse and distribution center for Amazon.com Services, LLC in Sarasota, FL, and a retail development for Academy Sports in Magnolia, TX, both supported by existing and new tenant/developer relationships. A detailed table shows in-process and stabilized developments with total estimated project investment of
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Insights
BNL expands long-term development pipeline with two new build-to-suit projects.
Broadstone Net Lease is adding two build-to-suit developments with an estimated total investment of
The broader development table highlights total estimated project investment of
Actual cash returns will depend on completing construction on schedule and tenants commencing rent payments by target stabilization dates such as
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): February 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:
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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 February 25, 2026, Broadstone Net Lease, Inc. (the “Company”) issued a press release announcing two additional build-to-suit developments for $62.1 million. 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 February 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: | February 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
February 25, 2026
Company Contact: Brent Maedl Director, Corporate Finance & Investor Relations brent.maedl@broadstone.com 585.382.8507 |  | ||||
Broadstone Net Lease Announces Two Additional Build-to-Suit Developments for $62.1 million
VICTOR, N.Y. – Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL”, the “Company”, “we”, “our”, or “us”), today announced it has added two new development projects to its pipeline of build-to-suit commitments. These projects represent an aggregate estimated total project investment of approximately $62.1 million.
“We are excited to announce two new build-to-suit developments that demonstrate the depth of our tenant and developer relationships, the continuing demand for high-quality industrial and retail facilities, and the strength of our differentiated growth strategy," said John Moragne, BNL's Chief Executive Officer.
As of the date of this release, we have secured the land and started construction on two additional build-to-suit developments as outlined below. The projects include (i) a new state-of-the-art sub-same-day (SSD) industrial warehouse and distribution center located in Sarasota, FL, sourced through an existing developer relationship, and (ii) a retail development in Magnolia, TX - a rapidly growing suburb of Houston, TX - sourced through a direct tenant relationship and delivered in partnership with a new developer relationship. The following table summarizes our in-process and stabilized developments:
| Property | Projected Rentable Square Feet | Start Date | Target Stabilization Date/Stabilized 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sprouts (Bedford, TX) | 22 | Jul. 2025 | Aug. 2026 | 15.0 | 0.9 | % | $ | 9,533 | $ | 1,573 | $ | 7,960 | 7.2 | % | 7.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Hobby Lobby (Granbury, TX) | 55 | Oct. 2025 | Sep. 2026 | 15.0 | 0.7 | % | 8,129 | 2,030 | 6,099 | 7.1 | % | 7.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Academy Sports (Granbury, TX) | 55 | Oct. 2025 | Nov. 2026 | 15.0 | 0.6 | % | 12,393 | 4,084 | 8,309 | 7.1 | % | 7.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Academy Sports (Waco, TX) | 68 | Dec. 2025 | Sep. 2026 | 15.0 | 0.6 | % | 14,488 | 5,824 | 8,664 | 7.2 | % | 7.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Academy Sports (Magnolia, TX) | 55 | Feb. 2026 | Nov. 2026 | 15.0 | 0.5 | % | 12,408 | 2,116 | 10,292 | 7.3 | % | 7.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| In-process industrial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sierra Nevada (Dayton, OH) | 122 | Oct. 2024 | Mar. 2026 | 15.0 | 3.0 | % | 55,525 | 46,989 | 8,536 | 7.7 | % | 9.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Southwire (Bremen, GA) | 1,178 | Dec. 2024 | Nov. 2026 | 10.0 | 2.8 | % | 115,411 | 52,280 | 63,131 | 7.8 | % | 8.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Fiat Chrysler Automobile (Forsyth, GA) | 422 | Apr. 2025 | Aug. 2026 | 15.0 | 2.8 | % | 78,242 | 40,354 | 37,888 | 6.9 | % | 8.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| AGCO (Visalia, CA) | 115 | Jun. 2025 | Aug. 2026 | 12.0 | 3.5 | % | 19,567 | 15,754 | 3,813 | 7.0 | % | 8.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Palmer Logistics (Midlothian, TX) 2 | 270 | Jul. 2025 | Jul. 2026 | 12.3 | 3.5 | % | 32,063 | 17,022 | 15,041 | 7.6 | % | 9.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Amazon.com Services, LLC (Sarasota, FL) | 230 | Feb. 2026 | May. 2027 | 15.0 | 2.3 | % | 49,705 | 18,564 | 31,141 | 7.5 | % | 8.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2,592 | 13.2 | 2.6 | % | 407,464 | 206,590 | 200,874 | 7.4 | % | 8.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stabilized industrial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| UNFI (Sarasota, FL) | 1,016 | Jan. 2023 | Sep. 2024 | 15.0 | 2.5 | % | 200,958 | 200,958 | — | 7.2 | % | 8.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Sierra Nevada (Dayton, OH) | 122 | Oct. 2024 | Nov. 2025 | 15.0 | 3.0 | % | 53,625 | 53,625 | — | 7.5 | % | 9.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Stabilized retail: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 7Brew (High Point, NC) | 1 | Dec. 2024 | Feb. 2025 | 15.0 | 1.9 | % | 1,975 | 1,975 | — | 8.0 | % | 8.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| 7Brew (Charleston, SC) | 1 | Feb. 2025 | Apr. 2025 | 15.0 | 1.9 | % | 1,729 | 1,729 | — | 7.9 | % | 8.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| 7Brew (Jacksonville, FL) | 1 | Jun. 2025 | Nov. 2025 | 15.0 | 1.9 | % | 2,005 | 2,005 | — | 8.0 | % | 8.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total / weighted average | 3,733 | 13.9 | 2.6 | % | $ | 667,756 | $ | 466,882 | $ | 200,874 | 7.4 | % | 8.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
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.
2 Development represents our common and preferred equity investments in a consolidated joint venture, and excludes amounts attributed to non-controlling interest holders.
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 December 31, 2025, BNL’s diversified portfolio consisted of 771 individual net leased commercial properties with 764 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, 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, which the Company filed with the SEC on February 19, 2026, which you are encouraged to read, and will be 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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FAQ
What did Broadstone Net Lease (BNL) announce in this 8-K filing?
Broadstone Net Lease announced two additional build-to-suit development projects with an aggregate estimated total project investment of about $62.1 million . The projects expand its industrial and retail development pipeline and are supported by established tenant and developer relationships, reinforcing the REIT’s long-term net lease growth strategy.
Where are Broadstone Net Lease’s new build-to-suit developments located?
The new projects are located in Sarasota, Florida and Magnolia, Texas. Sarasota hosts a sub-same-day industrial warehouse and distribution center for Amazon.com Services, LLC, while Magnolia features a retail development for Academy Sports in a rapidly growing suburb of Houston, expanding BNL’s geographic and tenant diversification.
How large is Broadstone Net Lease’s overall development pipeline from this disclosure?
The development table shows total estimated project investment of $667,756 across in-process and stabilized projects. It also reports a weighted average lease term of 13.9 years and an estimated weighted average straight-line yield of 8.7% , highlighting long-duration income characteristics of BNL’s net lease portfolio.
What lease terms and yields does BNL target for these developments?
The table indicates a weighted average lease term of 13.9 years across listed developments, with estimated annual rent escalations averaging 2.6% . Estimated cash capitalization rates average 7.4% , while estimated straight-line yields average 8.7% , reflecting BNL’s focus on long-term, contractually growing rental income streams.
How many properties are in Broadstone Net Lease’s portfolio as of December 31, 2025?
As of December 31, 2025, Broadstone Net Lease’s diversified portfolio consisted of 771 individual net leased commercial properties. Of these, 764 properties were located in 44 U.S. states and seven properties were in four Canadian provinces, spanning industrial, retail, and other property types.
What risks does Broadstone Net Lease highlight regarding its forward-looking statements?
Broadstone Net Lease notes risks related to general economic conditions, inflation, interest rate fluctuations, local real estate markets, tenant financial health, property investments, acquisition timing, and uncertainties around future stockholder distributions. These factors may cause actual results to differ materially from its forward-looking expectations and 2026 guidance.
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Broadstone Net Lease Inc