Broadstone Net Lease, Inc. (NYSE: BNL) is an internally managed real estate investment trust (REIT) that specializes in acquiring, owning, and managing single-tenant commercial real estate properties. The company employs a triple-net lease model, which shifts the responsibility for property-level expenses such as taxes, insurance, and maintenance to the tenants, thereby generating highly predictable, long-term cash flows. BNL's portfolio is geographically diversified across 44 U.S. states and four Canadian provinces. While historically highly diversified across multiple property types, the company has recently shifted its strategic focus to become more industrial-weighted, with industrial properties accounting for approximately 54% of its annualized base rent. The remainder of its portfolio is allocated across healthcare facilities (17%), restaurants (13%), and retail properties, following a strategic divestment of its legacy office assets. BNL targets middle-market companies and creditworthy tenants, often utilizing sale-leaseback transactions and build-to-suit developments to drive internal growth and portfolio expansion.
