Broadstone Net Lease prices 11M share offering at $20.50

Broadstone Net Lease, Inc. (NYSE: BNL) has priced an underwritten public offering of 11,000,000 shares of common stock at $20.50 per share, according to a press release from the company.

The underwriters have been granted a 30-day option to purchase up to an additional 1,650,000 shares at the same public offering price, less underwriting discounts and commissions. The offering's closing is expected on August 10, 2026, subject to customary closing conditions.

BNL has entered into forward sale agreements with Morgan Stanley & Co. LLC and JPMorgan Chase Bank, National Association, or their affiliates. Under the agreements, BNL intends to physically settle on one or more dates no later than September 30, 2027. BNL will not initially receive proceeds from the sale of shares by the forward purchasers.

The company intends to contribute any net proceeds received upon future settlement of the forward sale agreements 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 indebtedness, and general corporate and working capital purposes.

Morgan Stanley and J.P. Morgan are acting as joint book-running managers. BMO Capital Markets, KeyBanc Capital Markets, Truist Securities, BTIG, Capital One Securities, M&T Securities, and Regions Securities LLC are acting as bookrunners. Huntington Capital Markets and Ramirez & Co., Inc. are acting as co-managers.

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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