Broadstone Net Lease launches 11M share public offering

Broadstone Net Lease, Inc. (NYSE: BNL) announced the commencement of an underwritten public offering of 11,000,000 shares of common stock, with an option for underwriters to purchase up to an additional 1,650,000 shares within 30 days.

The offering is structured through forward sale agreements with Morgan Stanley & Co. LLC and JPMorgan Chase Bank, National Association, or their affiliates. Under the agreements, the forward purchasers are expected to borrow and sell shares to underwriters. BNL intends to physically settle the agreements no later than September 30, 2027, at which point it would receive cash proceeds per share equal to the public offering price, less underwriting discounts, commissions, and certain adjustments.

BNL will not initially receive proceeds from the sale. Upon future settlement of the forward sale agreements, the company intends to contribute net proceeds to its operating company, which plans to use the funds for potential investment activity, repayment of amounts outstanding under its unsecured revolving credit facility and other debt, and general corporate and working capital purposes.

Morgan Stanley and J.P. Morgan are acting as joint book-running managers of the offering.

As of June 30, 2026, BNL's portfolio consisted of 766 net leased commercial properties, with 759 located across 44 U.S. states and seven in four Canadian provinces.

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