Broadstone Net Lease Business Summary

Broadstone Net Lease, Inc. (BNL) is an internally managed real estate investment trust (REIT) that generates revenue through the acquisition and long-term net leasing of single-tenant commercial properties. The company’s diversified portfolio is categorized into five primary business segments: Industrial, Healthcare, Restaurant, Retail, and Office, with a strategic emphasis on industrial-weighted acquisitions and a robust build-to-suit development pipeline. As of early 2026, BNL differentiates itself through a disciplined investment strategy focused on creditworthy tenants and properties integral to their core operations, maintaining high occupancy rates and contractual rent escalations. Its primary direct competitors include Essential Properties Realty Trust (EPRT), Four Corners Property Trust (FCPT), W. P. Carey (WPC), and Realty Income (O), with BNL positioning itself as a mid-cap specialist that balances defensive diversification with aggressive growth in the industrial and quick-service restaurant sectors. Broadstone was co-founded in 2007 by Amy Tait, Norman Leenhouts, and Bob Tait, leveraging a deep pedigree from Home Properties, the first publicly traded REIT in upstate New York. The current leadership team is led by Chief Executive Officer John D. Moragne, who previously served as the company’s COO and General Counsel, and President and COO Ryan M. Albano, the former CFO. Financial operations are overseen by Executive Vice President and CFO Kevin M. Fennell, who manages the firm’s capital markets and IT functions. The board is chaired by Laurie A. Hawkes, co-founder of American Residential Properties, and includes notable industry veterans such as former Life Storage CEO Joseph Saffire and Uniplan Investment Counsel founder Richard Imperiale. The company maintains high institutional credibility, with approximately 86% of shares held by major entities including The Vanguard Group and BlackRock, following its 2020 internalization of management functions previously supported by Stone Point Capital.