Welcome to our dedicated page for Broadstone Net Lease SEC filings (Ticker: BNL), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Broadstone Net Lease, Inc. filings document regulatory disclosures for an industrial-focused net lease REIT, including operating and financial results, quarterly supplemental information, investor presentations, and material-event reports furnished on Form 8-K. These records describe BNL's portfolio of long-term net leased commercial real estate, tenant and lease metrics, investment activity, build-to-suit commitments, dividend information, and capital-structure matters connected to its REIT operations.
Proxy materials and other governance filings cover board matters, shareholder voting items, executive compensation, equity awards, ownership disclosures, and related governance practices. The filing record also includes Regulation FD and shareholder communication disclosures relevant to BNL's property portfolio, financing activities, and public-company reporting obligations.
Broadstone Net Lease senior executive Michael B. Caruso reported routine equity compensation-related share movements. On March 2, 2026, 5,497 shares of common stock were disposed of to cover tax obligations tied to vesting. On the same date, he received a grant of 9,312 restricted shares that will vest over four years.
Broadstone Net Lease SVP & General Counsel John Callan reported two stock transactions. He had 4,560 common shares withheld to satisfy tax obligations on vesting equity, and received a grant of 8,536 restricted shares that vest in four annual installments starting around February 28, 2027.
Broadstone Net Lease, Inc. executive Kevin Fennell reported multiple stock transactions involving company common shares. On March 2, 2026, shares were withheld by the issuer to cover his tax obligations, disposing of 10,352 shares at $19.39 per share. That same day, he received a grant of 23,797 shares of restricted stock with no cash price, awarded under the 2020 Omnibus Equity and Incentive Plan and scheduled to vest in four equal annual installments beginning on or about the first anniversary of February 28, 2026. A prior open-market purchase on July 15, 2025 added 859.11 shares at $15.92 per share. Following the most recent award, his direct holdings total 192,733.11 shares, including 133,950 shares of unvested restricted stock.
Broadstone Net Lease, Inc. President & COO Ryan M Albano reported two stock transactions. On the vesting of prior awards, 16,005 common shares were withheld by the company to cover his tax obligations. He was also granted 43,455 shares of restricted stock under the 2020 Omnibus Equity and Incentive Plan, which vest in four equal annual installments starting around February 28, 2027. After these transactions, he directly owns 345,998 common shares, including 183,089 unvested restricted shares.
Broadstone Net Lease, Inc. CEO John David Moragne reported routine equity-compensation related transactions in company common stock. On the tax side, 24,681 shares were disposed of at $19.39 per share, withheld by the company to cover his tax obligations tied to prior equity vesting.
On the award side, he acquired 78,632 shares of restricted stock at $0.00 per share under the 2020 Omnibus Equity and Incentive Plan. These restricted shares vest in four equal installments on or about each anniversary of February 28, 2026. After these transactions, he directly owns 503,742 shares, including 337,517 unvested restricted shares, held jointly with his spouse with shared voting and investment power.
Broadstone Net Lease, Inc. announced two additional build-to-suit development projects with an aggregate estimated total project investment of approximately $62.1 million, expanding its development pipeline in industrial and retail properties.
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 $667,756, weighted average lease terms of 13.9 years, and estimated straight-line yields of 8.7%, underscoring BNL’s long-term, net lease strategy.
Broadstone Net Lease, Inc. reports on a primarily industrial-focused net lease portfolio of 771 single-tenant commercial properties as of December 31, 2025, generating annualized base rent of $428.8 million and spanning approximately 41.6 million square feet in 44 U.S. states and four Canadian provinces.
The portfolio was 99.8% leased with a weighted average remaining lease term of 9.6 years and 97.6% of leases featuring contractual rent escalations averaging 2.1% annually. Broadstone collected 99.8% of base rents, generated net income of $99.4 million ($0.50 per diluted share), and produced AFFO of $296.3 million ($1.49 per diluted share), a 4.2% increase versus 2024.
During 2025, the company invested $748.4 million in acquisitions, build-to-suit developments, transitional capital, and revenue-generating capital expenditures, extended its $1.0 billion revolving credit facility to 2029, added a $500.0 million unsecured term loan, and issued $350.0 million of 5.000% senior unsecured notes due 2032, ending the year with $2.5 billion of total debt and a 6.0x Net Debt to Annualized Adjusted EBITDAre leverage ratio.
Broadstone Net Lease, Inc. reported 2025 results showing net income of $99.4 million, or $0.50 per diluted share, a 41.9% decrease mainly from lower gains on property sales and higher interest expense. Adjusted funds from operations (AFFO) rose to $296.3 million, or $1.49 per diluted share, up 4.2%.
The REIT invested $748.4 million during 2025, including $429.9 million of acquisitions and $209.3 million of build-to-suit developments, while selling 28 properties for $96.1 million. Its 771-property portfolio was 99.8% leased, with 99.8% of base rent collected.
Broadstone ended the year with Net Debt of $2.5 billion and a Net Debt to Annualized Adjusted EBITDAre ratio of 6.0x, or 5.8x on a pro forma basis. The quarterly dividend was increased to $0.2925 per share, and 2026 AFFO guidance was reaffirmed at $1.53 to $1.57 per diluted share.
Broadstone Net Lease, Inc. reported that it plans to release its financial and operating results for the quarter and year ended December 31, 2025 after the market closes on February 18, 2026. The company also announced it will host an earnings conference call and audio webcast on February 19, 2026 at 11:00 a.m. Eastern Time to discuss these results. The related press release is provided as an exhibit, but the detailed financial figures will only become available when the results are released.
Broadstone Net Lease, Inc. announced that it has posted its December 2025 investor presentation on its website. Company management may use this updated deck in upcoming meetings with investors to explain Broadstone’s business, portfolio and strategy. The presentation is included as Exhibit 99.1 to this report and is furnished under Regulation FD, meaning it is provided for information purposes and is not treated as formally filed under securities laws.