This high-yield build-to-suit with a top-tier tenant strengthens BNL's development pipeline and long-term earnings visibility. Near-term stock impact may be muted given the multi-year timeline, but the accretive profile supports a positive fundamental outlook. Monitor for construction milestones and lease commencement in early 2027.
Price Chart
Executive Summary
Broadstone Net Lease announced a $303 million build-to-suit development joint venture for a Fortune 20 investment-grade tenant in Colorado. The triple-net lease offers an 8.5% year-one cash yield, 11.6% straight-line yield, and 15-year term with 3% annual rent escalations, expected to be meaningfully accretive to 2027 and 2028 earnings.
Key Facts
- Estimated total project investment of $303 million
- Year-one cash yield of approximately 8.5%, year-two cash yield of 9.7%
- Straight-line yield of approximately 11.6%
- Initial lease term of 15 years with two 5-year extension options
- Annual rent increases of 3%
- Tenant is a Fortune 20 investment-grade company and will become BNL's largest tenant upon rent commencement
- Project expected to be meaningfully accretive to 2027 and 2028 earnings
- Target stabilization date of March 2027
Financial Impact
$303 million total investment with 8.5% year-one cash yield
Risk Factors
- Construction delays or cost overruns
- Tenant credit deterioration despite investment-grade rating
- Interest rate fluctuations affecting financing costs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001424182-26-000054 |
| Document: bnl-20260708.htm | 0001424182-26-000054 |
| Document: 0001424182-26-000054-index-headers.html | 0001424182-26-000054 |
| Document: 0001424182-26-000054-index.html | 0001424182-26-000054 |
| Document: 0001424182-26-000054.txt | 0001424182-26-000054 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 22d ago | 8-K | $18.63 $18.32 | ▼ −1.66% | ▼ −1.53% | $17.18 (−7.78%) |
Sep 22, 2026 5w ago | Institutional Cluster | $19.12 $18.88 | ▼ −1.26% | ▼ −0.07% | $17.18 (−10.15%) |
Aug 10, 2026 11w ago | 8-K | $20.65 $20.78 | ▼ −0.63% | ▼ −1.03% | $17.18 (+16.80%) |
Aug 10, 2026 11w ago | 424B5 | $20.46 $21.22 | ▼ −3.71% | ▼ −3.76% | $17.18 (+16.03%) |
Jul 29, 2026 12w ago | 10-Q/A | $21.50 $21.16 | ▼ −1.58% | ▼ −5.20% | $17.18 (−20.09%) |
Jul 8, 2026 15w ago | 8-K | $21.85 $21.87 | ▲ +0.09% | ▼ −0.77% | $17.18 (−21.37%) |
Apr 29, 2026 25w ago | 8-K | $19.80 $19.86 | ▲ +0.30% | ▼ −1.42% | $17.18 (−13.23%) |
Mar 20, 2026 31w ago | DEFA14A | $18.34 $18.29 | ▼ −0.27% | ▲ +3.30% | $17.18 (−6.31%) |
Feb 25, 2026 34w ago | 8-K | $19.09 $18.60 | ▼ −2.58% | ▼ −1.48% | $17.18 (−10.02%) |
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